With the global economy in and out of recession, businesses are looking for ways to save money. One way some businesses are looking to save money is by cutting back on their IT and cybersecurity budgets. History has shown this is a big mistake, as there are many dangers associated with cutting back on cybersecurity in a recession.
One danger of cutting back on cybersecurity is that you may be more likely to be the victim of a cyberattack resulting in Fraud (see our blog for the latest scams) or a Data Breach.
As businesses are looking to save money, they may be less likely to invest in the latest security technologies and software. This makes them more vulnerable to cyberattacks from hackers.
Another danger of cutting back on cybersecurity is that you may be more likely to lose data if your business invests less in backup and disaster recovery solutions. This means that if the business becomes a victim of a cyberattack, it may lose all its data.
Obviously we are saying that businesses should not cut back on their cybersecurity budget in a recession. Why? Because we are a Cyber Security company? Look, if you have a CISO then you could look to reassign them to another Cyber Role without losing their skills in your business. There are many dangers associated with letting cyber security staff go, including being more likely to be the victim of a cyberattack, losing data, and losing customers due to the loss of trust.
There is of course some good news.
McAfee recently reported cyber attacks are up by 600% since the start of the pandemic. In the era of pandemics, cybersecurity breaches are an ever-present threat. It’s not just businesses that are at risk, either. The healthcare sector is also a target for cybercriminals, and recent months have seen a spate of ransomware attacks on hospitals and other healthcare facilities.
One such attack was the well-documented WannaCry ransomware, which infected over 300,000 computers in 150 countries in May 2017. The attack paralyzed hospitals, schools, businesses, and other organizations around the world.
Since then, the healthcare sector has become increasingly aware of the need for robust cybersecurity measures. However, the risk of cyberattacks remains high, and healthcare facilities are still vulnerable to ransomware, data breaches, and other types of cybercrime.
In light of the covid-19 pandemic, it’s more important than ever for healthcare facilities to take steps to protect themselves from cyberattacks. Some of the measures that healthcare facilities can take to improve their cybersecurity include:
healthcare facilities should also work with local law enforcement and cybersecurity experts to develop a comprehensive security plan that addresses their organisation's specific needs.
Cybersecurity is not just a concern for the healthcare sector. All businesses should take steps to improve their cybersecurity posture in order to protect themselves from ransomware, data breaches, and other types of cybercrime.
Those same measures in the list above need to be applied, processes created and 24/7 monitoring implemented on each of those.
Like healthcare, businesses should also work with local law enforcement and cybersecurity experts to develop a comprehensive security plan that addresses their organisation's specific needs.
The risk of cyberattacks is high, and no organization is immune. However, by improving their cybersecurity posture, businesses and healthcare facilities can reduce the risks.
It is clear that the dangers of cutting back on cybersecurity in a recession are great. Organizations that reduce their cybersecurity spending are more likely to be hacked, and data breaches are more costly in terms of money and reputation. In order to protect their businesses and customers, organizations should maintain their current cybersecurity budget levels or even increase them in order to stay ahead of the curve.
If you have any concerns then please get in touch, we are always happy to have a "Guaranteed no sales pitch" conversation with businesses.
Managed Security Service Provider (MSSP) providing Zero Trust Solutions, fully managed services, penetration testing, and most importantly of all..... A no sales pitch approach to advice and support…
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